Horizon Tangiers Terminal S.A. (HTTSA), has selected Aegean Marine Petroleum (Aegean) (NYSE:ANW) as its sole bunkering company for its terminal in the port of Tangiers. The agreement, which is subject to final documentation, is scheduled to become effective in January 2009.
HTTSA's appointment of Aegean as its exclusive bunkering company in this critical region is an important part of its effort to expand the terminal. Aegean Marine Petroleum will provide retail bunkering services to ships in port and at sea on an exclusive basis for a period of 25 to 35 years. Aegean will also have the right to expand its operation as the sole bunker tenant beyond the port perimeter, which is strategically located along the Strait of Gibraltar connecting the Atlantic Ocean to the Mediterranean Sea.
Yusr H. Sultan, Member of the Board HTTSA, said, "After conducting an extensive review over the past six months, we are pleased to have selected Aegean Marine Petroleum as the sole bunkering company within the port of Tangiers. The port currently serves approximately 7,000 vessels on an annual basis and is expected to increase to more than 10,000 vessels annually upon completion of our terminal's planned expansion in 2010. In carefully selecting a bunkering company to meet our considerable growth, we focused on Aegean's industry expertise, modern bunkering fleet, extensive capacity, strong safety track record and financial strength. We are confident the company's high-quality infrastructure and commitment to superior customer service will provide significant long-term benefits."